The Nigerian Institution of Estate Surveyors and Valuers on Sunday called on the Federal Government to restructure the budget in such a way that more funds would be channeled to the housing sector.
It said that considering the housing deficit in the country, which currently stands at about 17 million units, such funding arrangement would not only help to reduce the number, but also reduce the level of unemployment in the country.
The 1st Vice President, NIESV, Dr. Bolarinde Patunola, said this in Abuja at the national day of prayer and thanksgiving organised by the institution.
The event provided a platform for members of the institution as well as government officials to pray for the peace, security and progress of the country.
Patunlola said there was a need for the government to restore full land ownership to the people through provision of title documents, noting that this would also provide an avenue for raising loans for entrepreneurship purposes.
He explained that the total reform of the land tenure and titling system in Nigeria was imperative to making them development friendly.
He said, “The real estate sector has not witnessed too much patronage from the Federal Government in terms of release of funds. Even from the budget, you will know because sometimes they give it two per cent or four per cent.
“The first thing we expect from the new government is to increase the budgetary allocation to the housing sector. This is the first thing that will indicate whether the government wants to take part in that sector.
“The housing sector has the potential to create jobs because a large number of youths will get employed if more funds are injected into this sector.”
The Permanent Secretary, Federal Ministry of Lands, Housing and Urban Development, Mr. George Ossi, who also spoke at the event, said the Federal Government would collaborate with the NIESV to enhance growth in the real estate sector of the economy.
He assured the institution that the Federal Government would do all it could to formulate policies that would help to develop the real estate sector of the economy.
Ossi said, “We appreciate the NIESV for identifying with the ministry, especially your contribution towards the progress recorded in the nation’s housing development agenda over the years. The ministry remains keenly interested in partnering with you in the continuous development of the housing sub-sector.”
PUNCH
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